Alumis (NASDAQ:ALMS) Stock Jumps 5% - What's Next?

Key Points

• Alumis shares rose about 5% to roughly $6.98 in mid-day trading, although trading volume was 87% below the daily average.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and a $33.27 price target, despite several firms cutting targets and Guggenheim downgrading the stock to neutral.
• The company reported weaker-than-expected quarterly results, including an adjusted loss of $1.11 per share versus expectations of $0.77 and revenue of $1.66 million versus $3.65 million expected; insiders have also sold shares recently.

Alumis Inc. (NASDAQ:ALMS - Get Free Report)'s share price was up 5% during mid-day trading on Wednesday. The stock traded as high as $6.79 and last traded at $6.9750. 286,148 shares changed hands during trading, a decline of 87% from the average daily volume of 2,232,754 shares. The stock had previously closed at $6.64.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Wells Fargo & Company dropped their price objective on shares of Alumis from $51.00 to $25.00 and set an "overweight" rating on the stock in a report on Wednesday, September 2nd. Robert W. Baird set a $27.00 price target on shares of Alumis in a research note on Tuesday, September 1st. Guggenheim downgraded shares of Alumis from a "buy" rating to a "neutral" rating in a research note on Thursday, September 3rd. Citigroup reissued an "overweight" rating on shares of Alumis in a research note on Tuesday, September 1st. Finally, Morgan Stanley dropped their target price on shares of Alumis from $39.00 to $29.00 and set an "overweight" rating for the company in a research report on Wednesday, September 2nd. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $33.27.

Alumis Stock Up 4.3%

The firm has a market capitalization of $896.08 million, a PE ratio of -1.79 and a beta of -0.38. The firm's fifty day simple moving average is $10.88 and its 200-day simple moving average is $21.59.

Alumis (NASDAQ:ALMS - Get Free Report) last announced its quarterly earnings results on Thursday, August 13th. The company reported ($1.11) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.77) by ($0.34). The firm had revenue of $1.66 million during the quarter, compared to analysts' expectations of $3.65 million. As a group, analysts predict that Alumis Inc. will post -2.95 earnings per share for the current year.

Insider Buying and Selling

In other Alumis news, CFO John Schroer sold 3,282 shares of the company's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $26.37, for a total transaction of $86,546.34. Following the completion of the sale, the chief financial officer directly owned 24,718 shares of the company's stock, valued at approximately $651,813.66. This represents a 11.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Roy Hardiman sold 2,692 shares of the company's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $26.37, for a total value of $70,988.04. Following the completion of the sale, the insider owned 207,746 shares of the company's stock, valued at approximately $5,478,262.02. The trade was a 1.28% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 111,084 shares of company stock valued at $1,408,493 in the last 90 days. 33.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Alumis

Institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. bought a new stake in shares of Alumis during the 2nd quarter worth approximately $231,259,000. venBio Partners LLC bought a new position in shares of Alumis during the second quarter valued at approximately $127,429,401. Jupiter Topco LLC bought a new stake in Alumis during the 2nd quarter valued at $66,238,000. Janus Henderson Group PLC purchased a new position in Alumis in the first quarter valued at about $46,790,000. Finally, Weiss Asset Management LP bought a new position in shares of Alumis during the 1st quarter worth approximately $24,176,000.

Alumis Company Profile

Alumis NASDAQ: ALMS is a clinical-stage biopharmaceutical company focused on developing oral therapies for immune-mediated diseases. The company's research is centered on selective modulation of the immune system, with the goal of providing effective, convenient treatments that may address conditions inadequately served by existing therapies.

Its lead product candidate, ESK-001, is an investigational oral allosteric tyrosine kinase 2 (TYK2) inhibitor designed to selectively regulate signaling pathways involved in inflammatory and autoimmune diseases.

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